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(Solved) (Latest ver. Aug 2020) - Markov Processes

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Question:

Suppose that in Problem 8 a new toothpaste brand enters the market such that the following transition probabilities exist

To
From Special B MDA T-white
Special B0.80 0.10 0.10
MDA 0.05 0.75 0.20
T-white 0.40 0.30 0.30

What are the new long-run market shares? Which brand will suffer most from the introduction of the new brand of toothpaste?

 







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